The Bubble Behind the Virus – Ep 551
The Peter Schiff Show Podcast
Peter Schiff
4.6 • 5.9K Ratings
🗓️ 20 March 2020
⏱️ 41 minutes
🧾️ Download transcript
Summary
The sacrifices we made in WWII are completely different than the sacrifices we’re making now
Milkshake theory is working, for now.
IRS deadlines should be postponed to Election Day.
Gold seeing more buyers; Bitcoin seeing less.
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Transcript
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| 0:00.0 | The Dow Jones ended a very volatile week at a very volatile day down 913 points by the |
| 0:16.9 | time they rang the bell to stop the bleeding. |
| 0:20.0 | The final point closed, 19173.98. |
| 0:24.3 | I think you have to go back to December of 2016 to find the Dow closing that low. |
| 0:32.0 | Remember that was before Donald Trump became president. |
| 0:35.2 | I mean before he took office it was after he was elected but before he assumed the presidency. |
| 0:41.0 | And you know the day was particularly volatile because the futures pre-open were up over |
| 0:46.3 | 900 points. |
| 0:47.3 | We were almost up 5%. |
| 0:49.9 | And then by the time the market opened we were only up maybe 2,300. |
| 0:53.8 | I think we rallied up for 500 at one point before selling off the down almost 900. |
| 1:00.0 | Then we rallied back to maybe down 3,400. |
| 1:02.4 | And then we crashed back down towards the end of the day to finish down 900. |
| 1:06.6 | Probably there was some extra volatility because there was an option expiration day which |
| 1:11.2 | generally can add to the volatility. |
| 1:13.0 | And since this was already a lot of volatility in there I'm sure that it did something. |
| 1:18.0 | But if you look at the total the Dow dropped by over 4,000 points on the week. |
| 1:24.3 | That means this was the worst week for the Dow ever when it comes to points. |
| 1:29.6 | We've never had a week where the Dow has lost 4,000 points. |
| 1:33.0 | Of course the Dow is higher than it's been when it crashed in the past. |
| 1:37.0 | But if you want to look at percentage declines this is the worst week since 2008 during |
| 1:42.9 | the financial crisis. |
... |
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